MG Saemaul Geumgo Foundation to cover insurance premiums for 240 children in medical blind spots

The MG Saemaul Geumgo Regional Hope Sharing Foundation will cover approximately 80 million won ($59,200) in mutual-aid insurance premiums to help 240 children and teenagers prepare for illness or accidents over the next five years.

The foundation announced Monday that it had launched the MG Hope Sharing Mutual Aid premium support project. The initiative aims to provide a medical safety net for children and teenagers who may struggle to access healthcare due to financial hardship.

Eligible recipients are children and teenagers between the ages of 9 and 18. The foundation selected 240 beneficiaries in June based on recommendations from the Korea Youth Training Facilities Association, a nonprofit, and completed their enrollment in the mutual-aid plan on Sept. 17.

The MG Hope Sharing Mutual Aid product is a public-interest mutual-aid offering from the MG Saemaul Geumgo Central Association. It provides coverage for five years from the date of enrollment, paying fixed benefit amounts for hospitalization, surgery and outpatient treatment in accordance with policy terms. The foundation covered the full five-year premiums of approximately 80 million won on behalf of all 240 recipients.

Since launching the project in 2017, the foundation has supported a cumulative total of 4,006 beneficiaries, covering 1.1 billion won in premiums through this year. Last year, it supported 477 children and teenagers with 150 million won in mutual-aid enrollment.

Kim In, chairman of the Saemaul Geumgo Foundation, said the project's purpose is to ensure that children and teenagers in medical blind spots can receive the care they need. "We will continue to provide support for children who need help," he said.